Whether you’re buying property or having a wedding overseas, you may need to transfer a large sum of money. Read our guide to know the ins and outs of sending money across the world
Though it may sound daunting to transfer tens or even hundreds of thousands to another country, it’s actually easier than it seems. Banks can be helpful in these situations, but can be expensive as they tend to charge high fees and offer poor rates. Instead, opt for a specialist money transfer provider that will give you better rates, lower fees and a better service throughout the transfer.
How much will the exchange rate affect the amount of money I receive?
Depending on the amount of money you are transferring, the exchange rate can have a significant effect on how much money you are receiving. Using a Pound-to-Euro example, we have drawn up a table to show how much this can affect the amount of money you receive.
| Exchange Rate | £5,000 | £10,000 | £25,000 | £50,000 | £100,000 |
|---|---|---|---|---|---|
| 1.118 (01/08/2017) | £5,590 | £11,180 | £27,950 | £55,900 | £111,800 |
| 1.096 (15/08/2017) | £5,480 | £10,960 | £27,400 | £54,800 | £109,600 |
| 1.083 (30/08/2017) | £5,415 | £10,830 | £27,075 | £54,150 | £108,300 |
| Difference | £175 | £350 | £875 | £1,750 | £3,500 |
Some providers will let you lock-in on a rate, or offer to alert you once a desired rate is on the market. However, this is provider specific, and can be something to consider when choosing who to transfer your money with.
Which provider should I use?
There are many provers of International Money Transfers, but some specialise in large sums of money more than others. When picking a provider, it’s important to keep in mind not only the rate you are getting and fees they are charging (if any), but also the quality of the service. See below some of the providers that specialise in transferring large sums of money.
TorFX
TorFX is a strict money exchange and transfer company that focuses on getting your funds where they need to go quickly. Unlike other services, it requires that funds to be cleared by individuals who hold TorFX accounts. The money must be sent in advance before the transaction can be performed. TorFX cares about its customers, with clarity and friendly service two of its highest priorities.
Pros
- Competitive exchange rates.
- Free market news.
- Fixed exchange rate protection.
- Can save you 5% on bank exchange rates.
- No bank charges or commissions.
- Consult with currency experts.
Cons
- Potential risks of exchange include market volatility.
Currencies Direct
Currencies Direct is an international money transfer service dedicated to helping its customers save more when transferring money internationally. With 39 currencies to choose from (and others that can be discussed with the company itself), it is more flexible than other money transfer services. So long as there’s a bank account available, Currencies Direct will transfer and exchange your funds at a low flat rate.
Pros
- No fees for 90% of its transactions.
- Worldwide service.
- Competitive exchange rates.
- Low minimum transfer of £100.
- Supports large transactions at a seemingly unlimited maximum.
- Monitors exchange rates for your ideal transfer.
Cons
- No cash pickup option.
- Does not support all currencies (though you can contact them if yours isn’t listed).
FC Exchange
FC Exchange offers international money transfer solutions to customers in the UK and around the world, handling over £4Bn in transactions since its inception in 2005. FC Exchange offer a ‘Best Exchange Rate Guarantee’, offering affordable transfers with excellent customer service.
Pros
- If you transfer more than £10,000 overseas you will not have to pay any transfer fees.
- Transfer money in 35 currencies
- Match any exchange rate quote you receive from another provider
- Phone, email and live chat customer support, with impressive customer satisfaction ratings.
Cons
- No cash pickup option.
- Does not support all currencies (though you can contact them if yours isn’t listed).
FrontierPay
Frontierpay has a proven reputation for competitive rates and a refreshingly open and honest approach to transferring money worldwide.
Pros
- Access to a personal account manager
- No transfer fees
- Extensive range of transfer options
Cons
- Need to register on the site to get a quote
- Only bank to bank transfers
Compare money transfer providers
Is my money safe?
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When will my money arrive?
Most providers can realistically deliver your funds within a day, though allowing for 2-3 days is advised. For more information regarding same-day transfers, see our Same Day International Money Transfers guide.
How will my money be delivered?
While smaller transfers with certain providers like Azimo can be picked up with cash, large transfers must be placed in the recipient’s bank account.
Will I have to pay any fees?
Fee payments vary from one provider to the next, but with large transfers fees can sometimes be waived and you can get preferable exchange rates. For more information about the fees, compare money transfer providers now and see where you can get the best deal.
When considering moving large sums of money, fees and rates are not all you should take into consideration, but also the quality of the service offered, as this may be the beginning of a long-term relationship between you and your FX provider.
Who is your agent in Margao, Goa please ? How many pounds will my relative in UK get for Rs 5 lakhs and how many days will it take for the transfer please ?
Hi Luciano,
Thank you for getting in touch with finder.
500,000 Indian Rupees is equivalent to 5,373.17 British Pounds.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
In this page, you’ll see list of money transfer providers that you can choose to have your transaction with. You can contact these providers directly if they can assist you sending your money to Margao, Gao in India. All providers we link to are either FCA authorised or FCA registered, meaning that your money has a degree of protection from when it’s sent to when it has arrived. Most providers can realistically deliver your funds within a day, though allowing for 2-3 days is advised.
I hope this helps.
Have a great day!
Cheers,
Jeni